Full text of H.13 Selected Interest and Exchange Rates, Weekly Series of Charts : August 19, 1991

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Selected Interest &
Exchange Rates
Weekly Series of Charts

August 19,1991

DIVISION OF
INTERNATIONAL FINANCE

Prepared by the
FINANCIAL MARKETS
SECTION

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, DC. 20551




Table of Contents

TABLES
1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS
1. SPOT EXCHANGE RATE INDICES
2. 3-MONTH FORWARD EXCHANGE RATES
3. GOLD PRICE—LONDON
4. CALL MONEY RATES
5. 3-MONTH INTEREST RATES
6. EURO-DOLLAR DEPOSIT RATES
7. SELECTED EURO-DOLLAR AND
U.S. MONEY MARKET RATES
8. INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDICES




SUBSCRIPTION RATES:
Weekly $30.00 per year or $.70 each in the United
States, its possessions, Canada, and Mexico.
Elsewhere. $35.00 per year or $.80 each. Address
requests to Publications Services Division of
Support Services, and make payment remittance
payable to the order of the Board of Governors
of the Federal Reserve System in a form collectible at Par in U.S. Currency.

CHART 1

SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973= 100
140

FOREIGN CURRENCY
PRICE OF U.S. DOLLAR

_

BELGIAN FRANC

/

^

RATIO SCALE
MARCH 1973=100
140
130

\

—

120
110

100
90

80

i

i

i

I

i

i

i

I

i

i

i

I

i

i

I

h-

SWISS FRANC

—

I

i

I

I

I

I

I

I

I

I

I

I

I

I

I

JAPANESE YEN

70
280
260
240
220
200
180
160
140

I

I

I

I

I

I

I

I

I

I

I

I

i

I

i

i

I

i

i

i

I

i

i

I

i

I

I

CANADIAN DOLLAR

U.K. POUND

120
100
90

80
70

60

I

I

I

I

I

I

I

I

I

I

I

'

I

I

I

I

I

I

I

I

50

200

GERMAN MARK

180

DUTCH GUILDER

160
140

120
I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

100
60
55

ITALIAN LIRA
—

50

FRENCH FRANC

45
40
35
30

I

I

I

I




I

I
1989

I

I

I

I

I

I

I

I
1991

'

•

I

I

I

I
1989

I

I

I

I

I

I

'

I
1991

I

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
— I 4

PERCENT PER ANNUM
4

U.K. POUND

CANADIAN DOLLAR

1

1

1

I

1

1

1

I

1

1

1 1

I

1

1
JAPANESE YEN

GERMAN MARK

—

i

i

i

1

i

i

i

1

i

i

V,

X
i

1

i T v

i

i

i

i

1

i

i

i

1

i

i

i

I

i

i

DUTCH GUILDER

SWISS FRANC

Wv\
1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

•

i




i

I

i

1

1

1

1

—

1

1

1

1

1

~ ~v
1

1

1

1

1

l A

1

1

1

1 1

1

1 1 1

ITALIAN LIRA

FRENCH FRANC

12

i

i
1989

i

l

i

i

i

l

I
1991

I

1

1

1

1

1

1989

1991

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
U.S. DOLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE OUNCE
520

500

500

—

12.5 Kg BARS

AFTERNOON FIXING PRICE

480

460

440 —

420 —

—

480

—

460

—

440

—

420

400

400 —

380

380

—

360

340

—

320




—

360

—

340

320
1988

1989

1990

1991

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANI

)ENT PER ANNUM

16

12

FRANCE

U.S. FEDERAL FUNDS

8
JAPAN
4

0

i

i

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l

'

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l

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'

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I

i

'

'

l

'

i

16

12

CANADA

GERMANY

8

4

0

i

< i

I

'

'

i

l

i

'

i

l

i

i

i

'

'

'

I

i

16

SWITZERLAND

UNITED KINGDOM

12

8
NETHERLANDS
4

0

i

'

» I




i

1

1989

1

I

1

1

1

I

1

1

1

1991

1989

1991

i

CHART 5

3-MONTH INTEREST RATES
WEEKLY SERIES
PERCENT PER ANNUM
10

PERCENT PER ANNUM

12
U.S. CD'S
10

SWISS INTERBANK RATE

WEIGHTED AVERAGE
FOREIGN RATE

i

2

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i

'

I

'

i

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I

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i

i

I

I

I

I

I

I

I

I

> I

» I

I

I

I

0

16

16

14

14

12

12
CANADIAN FINANCE CO.
PAPER

U.K. INTERBANK STERLING
10

i

6

i

i

I

i

i

i

I

i

i

i

I

i

i

i

•

i

i

I

•

'

i

I

i

i

10

i

I

i

i

i

6
12

10
GERMAN INTERBANK RATE

10

FRENCH INTERBANK RATE

i

i

i

I

i

i

i

I

i

'

'

I

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'

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I

I

10
—

JAPANESE CD RATE

NETHERLANDS INTERBANK RATE

i

i- I




i

i
1989

i

I

i

i

i

I

i

i
1991

i

I

I

I

I

I
1989

I

I

I

I

I

1991

4
10

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANH

;ENT PER ANNUM

14

14

3-MONTH

OVERNIGHT

12

12

10

10

8

8

6

6

4
14

•

i

i

I

i

'

i

I

'

l

i

'

i

i

i

•

i

i

•

i

•

•

•

I

i

'

'

4
14

6-MONTH

7-DAY

12

'

12

10

10

8

8

V -

6

11 1 1 1 1 1

l

4
14

l ••1
4
14

1-YEAR

1-MONTH

12

6

12

10

10

8

8

6

6

4

'




i

'

i
1989

i

l

i

i

i

I

i

i
1991

i

•

i

I

i

i
1989

'

I

'

'

i

I

i

i
1991

i

4

1

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

12

12
OVERNIGHT

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

10

10

90-DAY CD'S

FEDERAL FUNDS

DASHED LINE

DASHED LINE

i

»

I

I

l

I

I

I

I

I

I

i

I—I—I—L

DIFFERENTIAL

...
i




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i
i
1989

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

L

I

L

DIFFERENTIAL

I
I

I

i

i

i

I

'1

ryv

i

i
1991

i

J

I

I

I

I

L

1989

1991

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNU

CENT PER ANNUM

16

16

INTERBANK STERLING
12

CANADIAN FINANCE
CO. PAPER, COVERED

—

COVERED LONDON

12

8

8
U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

4

i

0

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'

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I

I

'

I

0
2

2
DIFFERENTIAL

DIFFERENTIAL

+

+

0

0

2

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I

'

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l

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I

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I

•

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2
16

16

INTERBANK DM

12

__

COVERED FRANKFURT

SWISS INTERBANK (SF) COVERED

— 12

8

8
EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

DASHED LINE

DASHED LINE

4

4

0

I

I

I

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I

'

'

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'

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I

I

I

I

I

I

l

I

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2

2
DIFFERENTIAL

DIFFERENTIAL
+

0

2

0

A^wv/
I ' l l '




+

/A.rvtnrI
1989

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1991

0

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1989

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I

I

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1991

I

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNl

tCENT PER ANNUM

14
CANADA

UNITED STATES
12

10

8

6
14

i

i

i

I

i

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1

« I

1

1

•

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FRANCE

UNITED KINGDOM
12

10

8

6
10

'

i

'

I

i

'

i

l

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l

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•

'

JAPAN

SWITZERLAND
8

6

4

2

i

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I

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I

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I

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i

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•

'

10

GERMANY

NETHERLANDS
8

6

4

2

_L_L




I

1

1

1989

1

1

1

1

1

1

1

'

1

1991

•

'

i

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1989

1

1

•

1991

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SC>
1986=

SCALE
X)

2

200
175

— NETHERLANDS

_ UNITED STATES

150
125

100
75

50
400
350

— GERMANY

JAPAN

300
250

200
150

100

I

I

I

I

I

I

I

I

I I I I

I I

I

200
175

FRANCE

SWITZERLAND

150
125

100
75

50

200
175

UNITED KINGDOM

— CANADA

150
125

100
75

i

i

i




I

i

1

1989

•

I

•

•

1

l

1

'
1991

•

i

'

i

I i

i '
1989

I

•

•

'

I i ' i
1991

SERIES
Chart 1.

17-Jul-91 24-Jul-91 31-Jul-91 7-Aug-91

14-Aug-91

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, weekly averages)
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

2.6989
87.141
16.378
55.559
0.07466
0.72890
49.324
64.088
164.11

2.7687
86.498
16.785
57.003
0.07652
0.72987
50.572
65.698
168.31

2.7755
86.895
16.816
57.174
0.07661
0.72435
50.712
65.508
168.02

2.8110
86. 997
17. 029
57. 913
0.07744
0.73244
51. 365
66. 387
170 .05

2.8079
87.248
17.008
57.855
0.07720
0.73202
51.310
66.094
169.49

106.35
86.85
73.80
156.29
42.86
190.85
141.60
206.18
66.38

109.10
86.21
75.64
160.35
43.92
191.10
145.18
211.36
68.07

109.37
86.61
75.78
160.84
43.98
189.66
145.58
210.75
67.96

110 .77
86 .71
76 .74
162 .91
44 .45
191 .78
147 .46
213 .57
68 .78

110.65
86.96
76.64
162.75
44.31
191.67
147.30
212.63
68.55

104.28
81.15
69.42
166.29
38.70
193.62
141.65
65.51
204.52
61.78
93.84

104 .72
80 .49
69 .71
167 .10
38 .78
194 .13
142 .26
65 .67
205 .48
62 .00
92 .81

104.70
80.83
69.70
167.10
38.69
194.22
142.25
65.59
204.76
61.84
92.92

-2.82
-3.34
-3.09
-5.32
-1.33
-3.13
-1.91
-4.88

-2.70
-3.67
-3.26
-5.56
-1.33
-3.27
-1.91
-4.96

-2 .73
-3 .76
-3 .48
-5 .69
-1 .49
-3 .52
-2 .05
-4 .97

368.31

368.43

363.66

358 .30

357.33

5.85
5.84
8.73
9.38
8.68
7.39
8.35
7.38
11.24

5.75
5.81
8.75
9.11
8.76
7.37
8.33
7.38
11.03

5.79
5.75
8.65
9.50
8.82
7.38
8.63
7.38
10.98

5 .83
5 .73
8 .55
9 .21
8 .93
7 .43
8 .91
7 .38
10 .79

5.62
5.63
8.68
9.19
8.94
7 .45
8.90
7.38
11.03

Indices, March 1973 base rates == 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Weighted average exchange value indices
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.

104.06
80.79
69.31
165.78
38.66
195.36
141.29
65.43
205.21
61.92
93.89

-2.51
-3.46
-3.01
-5.23
-1.41
-3.08
-1.83
-4.80

-2.95
-3.93#
-3.69
-5.91
-1.65
-3.72
-2.23
-5.13

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

102.90
82.75
68.56
163.65
38.26
198.35
139.77
64.74
203.13
61.22
95.69

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

Mar. !1973=100

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




SERIES
Chart 5.

17-Jul -91 24-Jul -91 31-Jul -91 7-Aug-91

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted average foreign interest rate
(G-10 Countries)
Chart 6.

5 .97
8 .71
9 .41
9 .01
7 .62
9 .04
7 .73
10 .98
9 .28

5 .97
8 .91
9 .26
9 .03
7 .55
9 .07
7 .75
11 .01
9 .28

5 .92
8 .79
9 .50
9 .16
7 .40
9 .16
7 .75
11 .08
9 .34

5.80
8.76
9.49
9.24
7.39
9.21
7.75
10.93
9.34

5 .63
8 .76
9 .55
9 .30
7 .39
9 .29
7 .75
10 .91
9 .37

5 .84
5 .89
5 .90
6 .03
6 .34
6 .73

5 .81
5 .88
5 .88
6 .00
6 .28
6 .65

5 .75
5 .80
5 .85
5 .94
6 .19
6 .53

5.73
5.71
5.74
5.78
6.05
6.30

5 .63
5 .61
5 .60
5 .61
5 .80
6 .05

5..75
5.,79
-0..04

5,.73
5 .83
-0 .10

5 .63
5 .62
0 .00

5 .78
5 .80
-0 .02

5 .61
5 .63
-0 .02

Euro-Dollar Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

14-Aug -91

Selected Euro-dollar & U.S. Money Market Rates
5 .84
5 .85
-0 .01

5 .81
5 .75
0 .06

6 .03
5 .97
0 .06

6 .00
5 .97
0 .03

Euro-dollar deposit
Interbank sterling (London), covered
Differential

6 .03
6 .05
-0 .02

6 .00
6 .00
0 .00

5 .94
5..99
-0 .05

5 .78
5 .82
-0 .05

5 .61
5 .64
-0 .03

U.S. commercial paper
Canadian finance paper, covered
Differential

6 .07
6 .15
-0 .08

6 .01
6 .03
-0 .02

5 .96
6 .03
-0 .08

5,.85
5 .98
-0 .13

5 .68
5 .74
-0..06

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

6 .03
5 .93
0 .09

6 .00
5 .87
0 .13

5 .94
5 .83
0 .11

5 .78
5 .68
0 .10

5 .61
5 .52
0 .09

Euro-dollar deposit
Swiss interbank, covered
Differential

6 .03
5 .86
0 .17

6 .00
5 .80
0 .20

5 .94
5 .81
0 .13

5 .78
5 .66
0 .12

5 .61
5 .48
0 .13

9 .97
9 .16
8 .64
6 .67
6 .00
8 .86
10 .20
8 .28

9 .92
9 23
8 .68
6 .59
6 .02
8 .90
10,.20
8 .20

9 .83
9 .17
8 .60
6 .53
6 .03
8 .85
10 .04
8 .04

9 .79
9 .12
8 .57
6 .48
6 .09
8 .87
10 .03
7 .93

.26
.70
.42
.26
.38
.62
.14
.68

117 .96
127 .94
101 .26
140 .58
108 .86
133 .80
155,.47
156,.10

117 .59
128,.84
100,.88
137 .82
108 .54
133 .11
156,.32
157,.13

Overnight Euro-dollar deposits
U.S. federal funds
Differential
3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential
Chart 8.

Chart 9.

Interest Arbitrage, 3-Month Funds

Long Term Government Bellwether Bond Yields
10-year maturity, where available

Canada
France
Germany
Japan
Switzerland
Netherlands
United Kingdom
United States
Chart 10.

5..94
5..92
0.. 02

9 .99
9..10
8 .55
6 .69
,
5 .98
8 .79
10 .21
8 .28

Stock Indices (Wednesday figures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

118 .03
128,.12
101..84
136,.44
108..11
134 .34
153,.51
153,.71

117
128
101
137
108
133
155
152

118
130
101
135
107
133
157
157

.03
.86
.83
.32
.89
.94
.75
.05

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial Times Ordinary, NYSE Composite



FEDERAL RESERVE statistical release
H.10(512)

August 19, 1991

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

AUGUST 16, 1991

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified
for customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies:
MONETARY
UNIT

Aug. 12

•AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DEM1ARK
•EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
•IRELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
•NEW ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
•UNITED KINGDOM

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.7839
12.145
35.560
1.1469
5.3618
6.6810
1.1882
4.2060
5.8700
1.7248
190.90
7.7695
25.890
1.5490
1293.00
136.54
2.7770
1.9449
0.5717
6.7450
148.50
1.7230
2.8580
732.80
108.10
41.568
6.2730
1.5100
26.730
25.700
1.6983

0.7825
12.180
35.670
1.1460
5.3618
6.7000
1.1842
4.2070
5.8900
1.7310
191.65
2.7670
25.820
1.5435
1298.00
136.52
2.7760
1.9523
0.5738
6.7720
148.90
1.7220
2.8675
735.10
108.55
41.618
6.2945
1.5140
26.705
25.670
1.6935

0.7821
12.210
35.740
1.1444
5.3618
6.7200
1.1812
4.2250
5.9020
1.7350
191.95
7.7625
26.020
1.5390
1301.50
136.61
2.7795
1.9569
0.5730
6.7870
149.45
1.7220
2.8675
736.80
108.68
41.768
6.3060
1.5185
26.710
25.700
1.6875

0.7785
12.195
35.700
1.1434
5.3618
6.7090
1.1837
4.2250
5.8940
1.7332
191.85
7.7610
25.990
1.5415
1298.50
136.47
2.7710
1.9546
0.5731
6.7850
148.95
1.7220
2.8750
736.80
108.58
41.818
6.3025
1.5230
26.714
25.700
1.6880

0.7776
12.385
36.260
1.1443
5.3696
6.7985
1.1647
4.2840
5.9900
1.7610
194.75
7.7670
25.960
1.5170
1319.25
137.25
2.7770
1.9851
0.5732
6.8860
151.35
1.7265
2.9025
736.80
109.98
42.018
6.4030
1.5405
26.707
25.730
1.6620

MEMO:
"UNITED STATES

DOLLAR

92.78

93.02

93.19

93.10

94.31

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Aug. 13
Aug. 14
Aug. 15

Aug. 16

"VALUE IS U.S. DOLLARS
••INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COWTRIES. MARCH 1973 = 100. HEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES.
SERIES REVISED AS OF AUGUST 1978. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST
1978 FEDERAL RESERVE BULLETIN.
THIS RELEASE IS AVAILABLE ONLINE THROUGH THE FACILITIES OF THE DEPARTMENT OF COWERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL 1202 1 377-1986.
FOR INFORMATION ABOUT YOUR SUBSCRIPTION TO THIS RELEASE OR ABOUT RECEIVING IT IN DOCUMENT
FORM, PLEASE CALL PUBLICATIONS SERVICES AT THE FEDERAL RESERVE BOARD AT 1202) 452-3244.